 |
            |
Cardholders can sign up for the free program at their credit card company's website. When they want to make an online purchase, they receive a 16-digit number, randomly generated by the credit card company. This temporary credit card number can be used once or sometimes repeatedly at the same online store.
Virtual prepaid credit card numbers were initially designed for Internet shopping, but can be also used for purchases made over the phone as well as through the mail. However, they cannot be used for in-store purchases or whenever a traditional plastic credit card is required for payment.
The virtual credit card technology has been around for years, but according to consumer advocates the technology has not been very popular with consumers. Interest in virtual credit cards seems to be increasing, though, thanks to recent headlines regarding identity theft breaches. A major benefit of virtual card programs is that personal information is concealed during the transaction.
A study found that 46% of credit card fraud victims had no idea how fraud occurred, but 21% said they believed their credit card number was stolen off the Internet. Obviously, card issuers hope that virtual card programs will help address such concerns.
The virtual card program is simply an extra layer of security to protect the credit and identity of consumers who choose to buy online, much like installing a home security system helps to protect a home from intruders.
Is online shopping really safe? Stories of high-tech hackers breaking into company databases on the Internet to steal customer information (such as credit card numbers) stop many people from making online purchases. Although these types of problems don't happen often, there is an ever-present fear among consumers that the wrong person may get hold of their credit card number or other private information.
Because of booming e-commerce and the love affair with the Internet, there is much at stake for credit card companies should these problems or fears get out of hand. As you might expect, companies are working quickly with new technology to stop the problems and calm the fears of their customers. Their solution? Disposable or temporary credit card transaction numbers.
Private Payments assigns unique random numbers that are linked to a consumer's actual card account, but the numbers do not reveal any private information.
In addition, you may use the same number for recurring charges such as monthly bills that you elect to pay online. Regardless of whether you take advantage of disposable card numbers , you should always protect yourself with safe Internet shopping practices.
WorldCardPro
Prepaid virtual credit card, the safe and discreet solution for your online shopping.
